Additional reporting requirements for certain not-for-profit organisations

27/06/2024

From 1 July 2024 (for the previous financial year), certain not-for-profits will be required to lodge a self-review return regarding their income tax exempt status with the Australian Taxation Office.

For applicable organisations with tax exempt status, a self review return will need to be completed by 31 October 2024. Relevant organisations will be required to advise on their type of exempt category as well as their purpose and activities against eligibility requirements.

The following types of not-for-profit organisations are exempt from completing the return:

  • Certain types of government entities
  • Charities, registered with the Australian Charities and Not-for-Profits Commission
  • Taxable not-for-profits
  • Sub-entities (for GST purposes)

Penalties may be applicable for non-lodgement.

Not-for-profit organisations with tax exempt status should make themselves aware of their reporting requirements or speak to their accountant or tax advisor on obtaining assistance with the lodgement.

For more information on an organisation’s governance reporting requirements, please contact our team of governance experts at enquiries@griffinlegal.com.au

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